It’s a move that completely alters the face of the Jets franchise and has potential to make the 2008 season something special.

The compensation was not clear, but it’s believed the Jets traded away a conditional third-round draft pick that could become a first- or second-round draft pick depending on Favre’s performance and the team’s success.

The acquisition of Favre, who’s scheduled to make slightly more than $12 million this season, surely means the end of the Chad Pennington era.

Pennington, who’s due to make $6 million in 2008, almost certainly will be the odd man out as the Jets clear salary cap space, leaving Kellen Clemens as Favre’s backup.

“I am looking forward to seeing Brett Favre in a New York Jets uniform,” owner Woody Johnson said. “He represents a significant addition to this franchise, and reflects our commitment to putting the best possible product on the field. (GM) Mike Tannenbaum and his football administration staff did a great job of navigating this complex process. I am excited about welcoming Brett, (his wife) Deanna and their family to the Jets organization.”

The Jets’ stunning acquisition of Favre makes them matter again on the New York football landscape, where the Giants have always owned the city, particularly now as defending Super Bowl champions.

The Jets spent more than $140 million in the offseason on new talent to bolster a team that went 4-12 in 2007. Among the offseason work the Jets did was revamp the offensive line with the signings of LG Alan Faneca and RT Damien Woody.

Those signings were surely attractive to Favre.

So, too, was a conversation he had with Eric Mangini on Tuesday night during which Mangini gave Favre the hard sell on why coming to New York was the move for him to make.

Mangini told Favre of the team’s new state-of-the-art practice facility that the Jets will move into in September. He informed him of the attractive places to live in the New Jersey area and the fact that playing in New York could be a huge marketing and promotional opportunity for him.

Surely, No. 4 jerseys in Jets’ green will immediately become a hot item.

For days, there has been rampant speculation that the Buccaneers would be the landing place for Favre because he knows Tampa Bay head coach Jon Gruden and the Bucs use the West Coast offense. But the Jets, in the end, were more aggressive and landed their man.

Favre, who’ll be 39 on Oct. 10, is coming off one of his best seasons in 2007, throwing for 4,155 yards, 28 TDs, 15 INTs and career-highs in both completion percentage (66.5 percent) and yards per attempt (7.8).

He led the Packers to a 13-3 record and to the NFC Championship game, in which Green Bay was upset by the Giants.

This is a compelling full-circle story. The Jets, back in 1991, were about to draft Favre when the Atlanta Falcons swooped in and picked him right before the Jets’ second-round selection.

The Favre news ends a saga that has lasted a month since he decided to unretire, reversing a decision he announced at a tearful press conference in March. Favre, after sending in his reinstatement papers to the league, traveled to Green Bay on Monday only to find out he wasn’t wanted in Green Bay anymore.

He flew home to Mississippi yesterday afternoon and was there when the news broke.

Since 1992, when Favre began starting for the Packers, the Jets have had seven losing seasons; the Packers have had one. During the span of 253 consecutive starts Favre has had for the Packers, the Jets have had 15 starting quarterbacks.

Favre will not be in Cleveland for the Jets’ preseason opener Thursday against the Browns, but he’ll surely be with the team when it returns to the practice field Saturday.

Favre’s agent, Bus Cook, yesterday told the Jackson (Miss.) Clarion-Ledger that Favre, who originally wanted to be traded to the Vikings but the Packers refused to honor that wish, was deciding between the Jets and Bucs. “Brett’s ready to go play,” Cook said.

In the meantime, Pennington and Clemens went to Cleveland ready to continue their battle for the starting quarterback job. In fact, as of early yesterday, neither Pennington nor Clemens were told who would start in the Cleveland game.

“We are on a need-to-know basis and we don’t need to know right now,” Pennington said. “Based upon our past experiences with (Mangini), we know we have no clue what’s going to happen (and) who’s going to start. I’m really not worried about it.”